New-home Sales Rise 27 Percent

Sales of new single-family homes soared 27.4 percent to an annual rate of 903,000 in March, the fastest rate of sale on record, according to the Commerce Deparment.

Actual home sales for the month were 87,000, up from 58,000 in February. Extended for 12 months and adjusted for seasonal differences, the rate of sale rose from a revised 709,000 to 903,000.

It was the biggest percentage gain since April of 1963 and the highest level of home sales since the Census Bureau began keeping the statistics in 1963.

All four regions showed large increases. In the Northeast, sales rose from 128,000 to 164,000 at an annual rate.

Southern states, which suffered a sharp decline in February due to the impact of falling oil prices, advanced from 301,000 to 419,000.

Sales in the Midwest rose from 79,000 in February to 84,000 last month and sales in Western states rose from 201,000 to 235,000.

The median price of homes sold during the month was $88,300 and the average price was $110,400.

At the end of the month, there were 333,000 new homes for sale. This represents a 4.6 month supply after seasonal adjustment, the lowest level since July, 1971.

The revised February level was 3.7 percent below the January level of 736,000. The annual rate of home sales has increased 23.9 percent since the end of last year, when it was 729,000 after seasonal adjustment.

Low interest rates combined with a relative increase in income over housing prices are widely expected to make 1986 a boom year for housing and a surge in home-buying figures prominently in forecasts for healthy growth of the economy as a whole.